Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Reserve Bank Of New Zealand Committed To Action As It Responds To Data Breach

The Governor of the Reserve Bank of New Zealand, Adrian Orr, says the recent malicious and illegal breach of a file sharing application used by the Bank is significant, and has our full attention.

Mr Orr says New Zealand’s financial system and institutions remain sound, and Te Pūtea Matua is open for business. The standalone File Transfer Application system that was breached has been secured and closed.

“We apologise unreservedly to all of those impacted by the breach. Personally, I own this issue and I am disappointed and sorry,” Mr Orr says.

“Our investigation makes it clear we are dealing with a significant data breach. While a malicious third party has committed the crime, and we believe service provisions have fallen short of our agreement, the Bank has also fallen short of the standards expected by our stakeholders.”

A detailed forensic cyber investigation is underway and the Bank is working directly with affected stakeholders whose information may have been breached.

“We recognise the public interest in this incident and we acknowledge there are serious questions that need to be answered about how this incident occurred and how to strengthen our systems and processes,” says Mr Orr.

“In addition to the forensic cyber investigation currently underway, we have appointed an independent third party to undertake a comprehensive general review of this incident. We will be as transparent and clear as possible as this progresses, and will release the review’s terms of reference shortly.”

“Our immediate focus is on working directly with system users and those who may have had their information compromised. It is a complex process and accuracy and security are important. As our investigations progress, we are prioritising direct engagement with institutions and individuals affected. We thank stakeholders for their patience and understanding.

“Be assured, we are taking action. We are working closely with public authorities and utilising international experts as we respond. We are doing so in a whole of Government framework, utilising the National Security System.”

“We are not in a position to provide further details on the investigation at this time as it could adversely affect the investigation and the steps being taken to mitigate the breach,” says Mr Orr.

Ongoing updates on the investigation process will be provided via the Reserve Bank Data Breach Response page, and email service.
 

More information:

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 



Transport Industry Association: Feb 2021 New Vehicle Registrations Strongest On Record

Motor Industry Association Chief Executive David Crawford says that the February 2021 figures are the strongest for the month of February ever. Registrations of 12,358 were 8.0% up on February 2020. Year to date the market is up 7.1% (1,735 units) compared to the first two months of 2020... More>>

Paymark: Lockdown Equals Slowdown For Some

The three days of lockdown for Auckland earlier this month made a clear impression on our retail spending figures. While only Auckland moved into Level 3 lockdown, the impact was felt across the country, albeit at different levels. Looking at the ... More>>

Infrastructure Commission: Te Waihanga Releases Report On Water Infrastructure

The New Zealand Infrastructure Commission, Te Waihanga’s latest discussion document highlights the importance of current reforms in the water sector. Its State of Play discussion document about water infrastructure is one of a series looking at the ... More>>

Sci-Tech: Perseverance Rover Lands On Mars – Expert Reaction

NASA has landed a car-sized rover on the red planet to search for signs of past life. The vehicle has more instruments than the four rovers preceding it, and it’s also carrying gear that could help pave the way for human exploration of Mars. The ... More>>

ALSO:


ACT: Matariki Almost A Half Billion Dollar Tax On Business

“Official advice to the Government says an extra public holiday at Matariki could cost almost $450 million,” ACT Leader David Seymour can reveal. “This is a perfect example of the Prime Minister doing what’s popular versus what’s responsible. ... More>>

Genesis: Assessing 6,000 GWh Of Renewable Generation Options For Development By 2025

Genesis is assessing 6,000 GWh of renewable generation options for development after starting a closed RFP process with 11 partners. Those invited to participate offer a range of technologies as Genesis continues to execute its Future-gen strategy to ... More>>

OECD: Unemployment Rate Stable At 6.9% In December 2020, 1.7 Percentage Points Higher Than In February 2020

The OECD area unemployment rate was stable at 6.9% in December 2020, remaining 1.7 percentage points above the level observed in February 2020, before the COVID-19 pandemic hit the labour market. [1] In December, the unemployment rate was also stable ... More>>

Stats NZ: Unemployment Drops To 4.9 Percent As Employment Picks Up

The seasonally adjusted unemployment rate dropped to 4.9 percent in the December 2020 quarter, from 5.3 percent in the September 2020 quarter, Stats NZ said today. Last quarter’s unemployment rate of 5.3 percent followed the largest increase observed ... More>>